The letter is out.
I'm going to post something more comprehensive when I've had a chance to review it, but I did glance at Buffett's valuation. He states that book value of BRK grew by about 10% in the past year. He repeated his previous general statement that book value is useful as a slightly understated estimate of growth in intrinsic value. He made no specific statement about this past year. So, once again I'll adjust my previous estimate of valuation. I'll say that if book grew 10%, I'll use 11-13% as a range for increase in IV. Thus, I'll take my previous estimate of $59633 to $64120/A and $1988 to $2137 /B for March 2004 and increase it by 11 to 13%. This gives a new March 2005 estimate of $66192.63 to $72455.60/A and $2206.42 to $2415.19/B.
I'll also adjust my previous statement to say that I'll look seriously at buying more Berkshire below $84000 A/$2800 B, and I'll be jumping in with both feet below $72500 A/2417 B.
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